Axis Bank Car Loan Interest Rates

Axis Bank Car Loan interest rate for new cars begins at 9.05% p.a. and goes up to 11.30%. For Used Car Loans the interest rate begins at 14.8% and goes up to 16.80% p.a. The bank will fund 100% of the on-road price of a new car and up to 85% of the cost of a used car.

Axis Bank Car Loan

Features

New Car Loan Scheme

Used Car Loan Scheme

Interest Rates

9.05% - 11.30%

14.80% - 16.80%

Processing Fees

Rs.3,500 – Rs.5,500

1% of the total loan amount or Rs.6,000, whichever amount is lower

Loan Amount

100% of the on-road price of the vehicle

85% of the valuation amount of the used car

Reset

No reset

No reset

Other Charges

Type of Charge

New Car Loan Scheme

Used Car Loan Scheme

Cheque bounce charge per instance

Rs.500

Rs.500

Instrument swap charges per instance

Rs.500

Rs.500

Duplicate repayment schedule issuance charges per instance

Rs.250

Rs.500

Duplicate statement issuance charges per instance

Rs.250

Rs.500

NOC/Duplicate No Dues Certificate per instance

Rs.500

Rs.500

Re-booking/Loan cancellation per instance

Rs.2,500

Rs.2,500

Penal Interest per month

2%

2%

Foreclosure charges

5% of the principal outstanding amount

5% of the principal outstanding amount

Stamp duty

At actuals

At actuals

Part payment charges

5% of the part payment amount

5% of the part payment amount

Issuance of credit report per instance

Rs.50

Rs.50

Registration certification collection charge per instance

Rs.200

Rs.200

Documentation charges per instance

Rs.500

Rs.500

Axis Bank Car Loan Interest Rate

Factors Affecting Axis Bank Car Loan Interest Rates

Axis Bank offers high-value car loans to its customers with minimum funding of Rs.1 lakh. The interest rates offered for new and used car loans range between 9.05% and 16%. The interest rate that you are eligible for will be dependent on various factors, some of which have been mentioned below:

Income-to-Debt Ratio – This is one of the primary factors that lenders take into consideration while determining the rate of interest. It basically is an indicator of the amount of money you owe to different entities. It is always recommended to have a low income-to-debt ratio as it denotes your capacity to make EMI payments on a monthly basis, without any delays.

Loan Tenure – Longer the tenure of your loan, lower will be your car loan interest rate. However, you also have to take into consideration that a longer tenure means having to pay interest for an extended period of time. A short tenure means you will be required to pay a higher rate of interest. It can get difficult choosing the right loan tenure for your car loan. To make it easy, you can make use of tools like EMI calculator. Compute the interest payment for the loan tenure you have chosen and select a tenure in which your total EMI payment is less.

Vehicle’s Age – When you borrow a car loan, the vehicle being financed basically acts as a collateral for the entire tenure of the loan. In case you default on the payment of the EMI, the bank can hold onto your vehicle, in order to balance out the outstanding dues. This is the reason why lenders and banks take into consideration the model and age of the vehicle while determining the rate of interest.

Applicant’s income and occupation – In addition to the credit score of the applicant, his/her income and occupation type are also taken into consideration while determining the rate of interest. Banks typically prefer applicants that have a steady source of income as it indicates their capacity to make repayments without defaults.

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FAQs

What should the minimum age of an applicant be if he/she is a salaried individual applying for a used car loan?

The applicant applying for a used car loan should be at least 21 years old.

What is the maximum tenure of loan with respect to used cars?

The maximum loan tenure offered by Axis Bank with respect to used car loans is 5 years.

You are not allowed to enter into transaction of any nature without obtaining a ‘No Objection Certificate’ from Axis Bank. This certificate (NOC) can only be obtained after the entire loan amount has been paid off.

I want to update my email address and phone number registered in my car loan account. How do I do that?

This can be accomplished in the below-mentioned ways:

Customers can get in touch with Axis Bank’s customer care centre though their toll-free numbers - 1860-419-5555 or 1860-500-5555.

Customers can use their registered email IDs to write to Axis Bank at loans@axisbank.com.

News About Axis Bank Car Loan Interest Rates

Tata Motors and Mahindra & Mahindra compete for third position in passenger vehicle making

2 Indian vehicle makers Tata Motors and Mahindra & Mahindra (M&M) are challenging the third position of the biggest passenger vehicle manufacturer in India, by the number of vehicles sold. As per the data released by SIAM (Society of Indian Automobile Manufacturers), Tata Motors is just 1,313 units behind M&M during the period April to August this year in the passenger vehicle segment. The top position in the segment has been retained by Maruti Suzuki India (MSI).

During the above-mentioned period, M&M occupied the third place by selling 1,00,015 units while Tata Motor clocked sales of 98,702 units to secure the fourth position. The sales of Tata Motors rode on models such as the hatchback Tiago and the compact SUV Nexon. Last year in the same period, M&M had sold 90,614 units while Tata Motors had recorded sales of 64,131 units.

25 September 2018

Electric vehicles to get green number plates

The Ministry of Road Transport and Highways has announced that all the battery operated vehicles will now come with green registration plates. The private vehicles will have white fonts while the commercial vehicles will have yellow font with a green background. This move was made by the government to encourage people to make use of electric vehicles. This was done for easy identification of electric vehicles which will give them special privileges in parking, toll and other such benefits. This is a good move to the electric vehicle industry in India which has been stagnating of late due to high cost of the vehicle and the lack of charging infrastructure across the country.

20 August 2018

Hyundai’s new SUV spotted for the first time

Hyundai is planning to release its first sub-4m SUV and have now started testing the same. The car is based on the Carlino concept which was showcased at the Auto Expo held in New Delhi two years back. Test mules of the vehicle have been spotted in the US. The SUV that is yet to be named looks almost like the production version of the boxy and square Carlino concept displayed in the 2016 Auto Expo. The car sports a rectangular grille unlike the hexagonal cascade grille being used in the new Hyundai cars. The car has a square fascia that will definitely bode well with the Indian market. While the interiors of the car could not be found out, it could be noticed the car has a floating tablet-like screen from the spy pictures. No confirmation can be given if that is the infotainment system as there is a possibility it could be testing equipment. It is expected that the cabin will be a mix of the Creta and Grand i10. The car is mostly likely to debut in the global markets in 2019 and will be followed by a release in the Indian market.

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